IRS Form 8828 walkthrough (Recapture of Federal Mortgage Subsidy)

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Here are links to other articles and videos on tax forms discussed in the video:

IRS Schedule 2, Additional Taxes
Article: https://www.teachmepersonalfinance.co...
Video:    • IRS Schedule 2 walkthrough - ARCHIVED COPY...  

IRS Form 8396, Mortgage Interest Credit
Article: https://www.teachmepersonalfinance.co...
Video:    • IRS Form 8396 walkthrough (Mortgage Intere...  

Purpose of Form
Use this form to figure and report the recapture tax on the mortgage subsidy if you sold or otherwise disposed of your federally subsidized home.

Federal Mortgage Subsidy
You have a federal mortgage subsidy if you received either of the following benefits.

A mortgage loan (including a qualified rehabilitation loan) that had a lower interest rate than was usually charged because it was funded from a tax-exempt qualified mortgage bond (QMB) issue.
A mortgage credit certificate (MCC) with your mortgage loan that you could use to reduce your federal income taxes.
You may also have a federal mortgage subsidy if, when you bought your home, either:

You assumed the seller's obligation on a QMB-funded loan, provided that you were qualified to obtain a loan from the proceeds of a QMB, or
The seller's MCC was transferred to you with the approval of the issuer and both the following apply:
You met the eligibility requirements needed to get an MCC, and
The issuer of the MCC issued you a replacement MCC.
Recapture Tax
If you sold or otherwise disposed of your home during the first 9 years after you received a federally subsidized QMB or MCC loan, you may have to pay back (recapture) all or part of the federal mortgage subsidy you received by increasing your federal income tax for the year in which you sold or disposed of your home. Refinancing of a federally subsidized loan without a sale or disposition of the home does not result in recapture, but a later sale or disposition after the refinancing may result in recapture.

Who Must File
You must file this form if all of the following apply. (For exceptions, see Special Rules on this page.)

You sold or otherwise disposed of your home (whether or not you realized a gain).
Your original mortgage loan was provided after December 31, 1990.
You received a federal mortgage subsidy (see Federal Mortgage Subsidy earlier).